A Pennsylvania family cleaning out Grandpa\u2019s house stumbled on history\u2014and an $18.9\u202fmillion payday.<\/p>\n\n\n\n
The gold piece, authenticated as a 1933 Double Eagle, is expected to ignite a global bidding war that could set a new coin record.The safe had sat unopened for decades. When relatives cracked it open, they found old deeds, war medals\u2014and a small cloth pouch hiding a near\u2011mint Double Eagle, one of only a handful legally allowed in private hands. <\/p>\n\n\n\n
Most of the original 445,500 coins were melted after President Franklin D. Roosevelt pulled the nation off the gold standard in 1933.<\/p>\n\n\n\n
Numismatists say a dozen examples slipped past the smelter. This one, preserved in a dry steel box, shows almost no wear. \u201cIt\u2019s the discovery of a generation,\u201d noted the Numismatic Guaranty Company after certifying the coin last week. Consequently, its valuation shot to $18.9\u202fmillion\u2014nearly triple the previous public\u2011auction record. Rarity is only part of the story. This coin embodies the drama of the Great Depression, Roosevelt\u2019s gold recall, and years of courtroom battles over private ownership. Investors also view premier numismatic pieces as hedges against market volatility. In fact, top\u2011tier coins have outpaced the S&P\u202f500 during several downturns.
So, why was it stashed away? The heirs believe Grandpa accepted it as collateral during the 1940s, then simply forgot. Who hasn\u2019t misplaced something valuable in the attic?<\/p>\n\n\n\nDetail<\/th> Figure<\/th><\/tr><\/thead> Year minted<\/td> 1933<\/td><\/tr> Face value<\/td> $20<\/td><\/tr> Surviving legal specimens<\/td> Fewer than 15<\/td><\/tr> Highest prior sale (2002)<\/td> $7.59\u202fmillion<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Why collectors are willing to pay record sums for the elusive 1933 Double Eagle<\/h2>\n\n\n\n
Need another reason? Bragging rights. Owning a Double Eagle is like holding the Mona Lisa\u2014in your pocket.<\/p>\n\n\n\n